INVESTKREDIT BANK: Moody's Withdraws 'E+' BFSR----------------------------------------------Moody's Investors Service has withdrawn all of Investkredit BankAG's ratings. The withdrawal reflects Investkredit's merger withits parent Oesterreichische Volksbanken AG (VBAG), which becamelegally effective on September 28, 2012 following the entry inthe commercial register. Investkredit has now ceased to exist andhas been replaced by VBAG in all its legal relationships. VBAGhas also assumed all of Investkredit's senior and subordinatedoutstanding debt which Moody's will continue to rate at the levelof VBAG, as the debt-assuming entity. At the time of thewithdrawal of Investkredit's ratings, the ratings were on reviewfor downgrade in line with VBAG.

VBAG is now the reference entity for the cumulative hybridsecurities (Tier 1 instruments) issued by Investkredit FundingLtd. which is now a direct subsidiary of VBAG. The securitiescontinue to be rated Ca (hyb) with a stable outlook. The Ca (hyb)ratings reflect the terms and conditions of the recent public-tender offer from May 22, 2012 and June 14, 2012, which imply avery high probability of durable coupon-payment omissions, if theinvestors continue to hold the securities.

VBAG's ratings and the securities assumed from Investkreditremain on review for downgrade. Following the EuropeanCommission's recent approval of the group's restructuring plans,Moody's will conclude the review in due course.

Ratings Rationale

Moody's has withdrawn the ratings as a result of the merger andincorporation of Investkredit into VBAG following whichInvestkredit has ceased to exist.

VBAG will assume all outstanding debt. The ratings ofInvestkredit's outstanding debt securities were already alignedwith the ratings of VBAG; the debt rating levels therefore remainthe same. This affects its long-term senior unsecured debt (ratedBaa2 on review for downgrade) and its subordinated debt (ratedBa3 respectively Caa2 (hyb), both on review for downgrade).

The following ratings of Investkredit were withdrawn:

- Baa2 long-term deposit ratings under review for downgrade

- Prime-2 short-term deposit ratings under review for downgrade

- E+ BFSR, equivalent to a standalone credit assessment of b1, under review for downgrade

Principal Methodologies

The principal methodology used was Moody's Consolidated GlobalBank Rating Methodology published in June 2012.

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BILTUBE EUROPE: Puy-en-Velay Places Firm in Receivership--------------------------------------------------------EUWID News reports that after a court hearing French coreboardproducer Biltube Europe was put in receivership.

The commercial court of Puy-en-Velay placed Biltube Europe inreceivership and put the company under a six-month observationperiod, a spokesperson of the CGT trade union told EUWID in aninterview. In a month's time, the commercial court will againassess the company's situation and take further decisions,according to EUWID News.

EUWID News relates that the trade union spokesperson said thatsince the company had only little financial headroom, it neededfunds from its Indian parent company or had to look for a buyer.Otherwise the company would be liquidated, the spokespersonadded, the report relates.

The report discloses that machines at the Saint-Didier-en-Velayplant have been at a standstill since March this year. Accordingto trade union information, workers had been working short hourssince December 2011, the report says.

Biltube produces coreboard on a single machine and has a total of34 employees.

The ratings affirmations reflect the wide credit supportavailable to the notes, as well as the stable performance theunderlying pools have shown since inception. Notes issued in theFCC Partimmo (Partimmo) and FCC Zebre Series (Zebre) are backedby loans that have been originated by Credit Foncier de France(CFF; 'A+'/Negative/'F1+').

The Partimmo Series, Zebre One and Two comprise of senior class Anotes, with credit enhancement provided by subordinated classesof unrated notes. Meanwhile, Zebre 2006-1 comprises three ratedtranches and one subordinated, collateralized unrated note. Thenotes in the Partimmo Series and Zebre One redeem pro rata andare subject to a trigger that would switch the amortization tosequential once the subordinated notes' factor falls below 2%.The note amortization on Zebre Two and Zebre 2006-1 is purelysequential.

All the transactions have a reserve fund that can be used tocover for both principal and interest shortfalls and they allcurrently remain on target. Due to the transactions' highdeleveraging, the support provided by the reserve funds is in therange of 23.0% and 40.0%, with the exception of Zebre 2006-1which has a reserve fund that is at 5.6% of the note balance.

Loans with more than six missed installments are classified asdefaulted and their outstanding balance is fully provisioned forusing gross excess spread generated by the underlying pool.

Transactions that were originated in 2002 are now highlydeleveraged, with pool factors currently standing at 11.8% and12.2% of the original balances of Partimmo 07/02 and 10/02respectively. Due to the high seasoning of the underlyingassets, cumulative gross defaults are increasing at a slow pace,with total defaults at 1.50% (Partimmo 07/02) and 1.29% (Partimmo10/02) of the original portfolio balance. More recenttransactions show slightly higher levels of cumulative defaults:1.9%, 1.6%, 1.9%, 2.7% and 1.4% of initial balance of Partimmo05/03, 11/03, Zebre One, Two and 2006-1 respectively. The excessspread generated by the pools has been sufficient to cover forperiod gross defaults that have occurred since close, therebypreventing reserve fund draws.

In late 2008, some of the securitized floating rate loans weresubject to modifications, some of which included a cap on theincrease in rates for variable rate loans. The modificationsmade to the portfolios led to the amendment of the documentationto ensure that the selected loans remain eligible. In order tolimit the level of risk exposure on M1 and M2 junior notes ofZebre 2006-1, CFF committed to paying the FCC any capital lossincurred as a result of the loan modification in certain interestand inflation rate scenarios. As a result, the notes are deemedto be dependent on the credit-worthiness of CFF which is why inFitch's analysis of the transaction, these tranches are subjectto a rating cap linked to CFF's Long-term rating.

The RWN is driven by the lengthy extension request process andthe appointment of a 'mandataire ad-hoc' by the issuer to get therequired debt extension approval levels from lenders.

Fitch recognises that PagesJaunes' business fundamentals have notmaterially changed since the agency downgraded it on 8 May 2012.Fitch also views as positive some elements introduced in thecurrent extension proposals, such as the dividend restrictionuntil the net debt leverage reduces to below 3.0x and theamortization of the term loan A1 and cash flow sweep for termloan A3.

In Fitch's view if the mandataire process fails to resolve thedifficulties between the company and its lenders, PagesJaunes mayhave little choice other than to seek further legal redressthrough a non-consensual process. This could lead to a multiplenotch downgrade.

-- Inability to reach an agreement with the help of the mandataire (one or several notches downgrade)

-- Funds from operations adjusted net leverage to increase above 5.5x for a sustained period of time following reduction in cash flows

-- Significant reduction in internet revenue growth

Future developments that may lead to a resolution of the RWN andNegative Outlook include:

-- Successful implementation of the proposed extend and amend plan

Future developments that may potentially lead to a resolution ofthe RWN and Stable Outlook include:

-- Stabilization of cash flows for a sustainable period

SPCM SA: S&P Affirms 'BB' Corp. Credit Rating; Outlook Positive---------------------------------------------------------------Standard & Poor's Ratings Services revised its outlook on France-based chemicals producer SPCM S.A. (SNF) to positive from stable."At the same time we affirmed the long-term corporate creditrating on the company at 'BB' and all issue and recovery ratings.We also assigned a 'BB' issue rating to SNF's proposed EUR250million senior unsecured notes, with a recovery rating of '4',indicating our expectation of average (30%-50%) recovery forcreditors in the event of a payment default," S&P said.

"The outlook revision reflects our view that our ratio ofadjusted funds from operations to debt for SNF could remain at25%-30% in 2012 and beyond. In addition, we think its quarterlyEBITDA could stay close to its strong first-half 2012 level givenits positioning on defensive and growing end-markets, such aspolymers for water treatment (close to 50% of 2011 sales) and onthe high-growth oil and gas segment (25%). We also factor in itslimited exposure to Europe, which accounted for only 24% of 2011sales, while North America contributed 49% and Asia 22%," S&Psaid.

"The positive outlook reflects the potential for a one-notchupgrade within 12 months if SNF's EBITDA reaches around EUR250million in 2012, and EUR230 million subsequently, and we gainfurther confidence that SNF will be able to post FFO to debt ofabout 25%-30% on a sustainable basis. The possible upgrade wouldalso hinge on continued adequate liquidity and covenant leeway,"S&P said.

"We would revise the outlook to stable if financial debtincreases significantly compared with end- June 2012 levels. Arise could be caused in our opinion by larger-than-anticipatedworking capital outflow, if quarterly EBITDA is materially lowerthan about EUR60 million under our base case, or if we believefinancial covenant compliance may become tight within two orthree years," S&P said.

According to Deutsche Welle, the agency has been strugglingeversince it was founded three years ago.

The German news agency companies "dapd nachrichtenagentur GmbH"and "dapd nachrichten GmbH" said on Tuesday that they can nolonger perform payments and filed for self-administeredinsolvency, Deutsche Welle relates.

The group announced in Berlin that six further dapd companieswere to make similar filings on Thursday, Deutsche Welle notes.

Deutsche Welle relates that administrator spokeswoman Brigittevon Haacke said the insolvency covers the news agency's eightdivisions and its 299 employees.

Ms. Von Haacke said the news agency had been losing money sinceits foundation and that the parent company had now stopped tryingto plug its shortfalls, according to Deutsche Welle.

NECKERMANN: Placed Into Liquidation; 2,000 Jobs Lost----------------------------------------------------Deutsche Welle reports that Neckermann was placed intoliquidation on October 1. The insolvent company has been unableto find a suitable investor, and some 2,000 jobs will be slashedas a result, the report says.

According to the report, Neckermann said insolvency laws wouldmake that step unavoidable, although talks were currentlycontinuing on a last-ditch solution.

"Following months of negotiations with potential investors, nosuitable investor has been found to match our requirements,"Neckermann, as cited by Deutsche Welle, stated. Neckerman addedthat most of the 2,000 workers employed in the mail-order segmentwould be laid off by next month. It emphasized that endeavorswere continuing to find work for many of them in other companies.

Deutsche Welle notes the mail-order group had filed forinsolvency in July after its owners, US investor Sun CapitalPartners, refused to put up money for a large-scale restructuringscheme.

Neckermann is a Germany-based mail-order retail group.

NORDENIA HOLDINGS: Moody's Upgrades Legacy Bond Rating to 'Ba1'---------------------------------------------------------------Moody's Investors Service upgraded the EUR280 million secondpriority notes issued by Nordenia Holdings GmbH to Ba1 from B2following the acquisition of the Nordenia group by Mondi Plc(rated Baa3), which closed on October 1, 2012. Subsequently, theB1 Corporate Family Rating and Probability of Default Rating ofNordenia International AG have been withdrawn. There are nochanges to Mondi's Baa3 issuer rating and senior unsecured bondrating with a stable outlook.

Ratings Rationale

The upgrade of Nordenia's legacy bond follows the acquisition ofNordenia by Mondi Group, and reflects the clearly better businessand financial profile of Mondi Group as compared to Nordenia on astand-alone basis. This is evidenced by Mondi's investment graderating. The upgrade of the bond rating results from Moody'sexpectation of implicit parental support going forward, whichshould allow Nordenia to comfortably meet its financialobligations related to interest and principal payment on itsbond. Nordenia will become the core of Mondi's newly createdconsumer packaging division, representing about 70% of divisionalsales of pro forma EUR1.25 billion, with the Nordenia name beingreplaced with Mondi. In addition, Moody's understands thatNordenia could become a material subsidiary as per thedefinitions included in Mondi's bank documentation, which wouldresult in a cross default of material parts of Mondi's financialdebt, should Nordenia default under its bond obligations.

As Mondi offers no guarantee for Nordenia's bond, the rating onthe remaining Nordenia bond reflect a degree of structuralsubordination compared to other liabilities of the enlargedgroup; Nordenia's notes are supported by the assets and cashflows of Nordenia in the first instance. However, should overtime Mondi decide to offer explicit parental support such as inthe form of a guarantee, Moody's would likely align the legacybond rating to the level of Mondi's senior unsecuredindebtedness.

Moody's notes that it is only able to maintain the ratings onNordenia's notes as long as the company continues to provideaudited financial and operating reports, sufficient to monitorthe assets and operating performance of the issuer. Nordenia'sindenture includes the requirement for the provision of suchinformation. Should the company stop providing auditedinformation, Moody's would have to withdraw the ratings onNordenia's notes, unless explicit parental support is provided.

At the time of the announcement of the transaction in July 2012,Moody's commented that the transaction is credit negative forMondi because the increase in net debt by about EUR660 million asa result of the transaction will consume much of the headroomincorporated in its Baa3 rating. Moody's has therefore changed tostable from positive the outlook on Mondi's Baa3 rating in July2012. Moody's noted however that despite the expected weakeningof credit metrics, Mondi will remain solidly positioned in theBaa3 rating category with Debt/EBITDA pro forma for theacquisition of around 2.5x and RCF/Debt above 25%.

The stable rating outlook on Mondi's Baa3 rating reflects Moody'sexpectation of a moderate weakening of financial metrics due tothe incremental debt load as well as lower operatingprofitability of Mondi, reflecting weak industry conditionsduring the last months and continued low visibility for thesecond half of 2012. At the same time, driven by improving demandfor most of the group's products as well as price increasesimplemented, these should help Mondi to improve operatingprofitability sequentially compared to H1 2012. Recentlypublished half year results per June 2012 have been in line withMoody's expectation.

An upgrade of Mondi's rating would require a track record ofsustaining the improved profitability and cash flow generation asevidenced by EBITDA margins in the high teens, RCF/Debt towards30% and leverage in terms of Debt/EBITDA close to 2x. A furtherimportant consideration will be the group's approach to cashusage going forward, in particular with regards to shareholderreturn and growth projects.

The principal methodology used in rating Nordenia InternationalAG, Nordenia Holdings GmbH and Mondi PLC was the Global Paper andForest Products Industry Methodology published in September 2009.Other methodologies used include Loss Given Default forSpeculative-Grade Non-Financial Companies in the U.S., Canada andEMEA published in June 2009.

Mondi is an integrated paper and packaging group which generatedrevenues of EUR5.6 billion in the last twelve months ending June2012. The group is principally involved in the manufacture ofpackaging paper and converted packaging products, uncoated finepaper as well as specialty products. Mondi has productionoperations in 28 countries, with a focus on Northern and EasternEurope, as well as South Africa, and employs about 23,400 people.

"At the same time, we removed the ratings from CreditWatch, wherethey were placed with positive implications on July 11, 2012. Theoutlook is stable," S&P said.

"We have also withdrawn our recovery rating on the notes, as wedo not apply recovery ratings to investment-grade issues," S&Psaid.

"The upgrade follows the announcement by paper and packagingproducer Mondi Group (BBB-/Stable/--) that it has completed theacquisition of Nordenia. Mondi Group now owns almost 100% ofNordenia. Nordenia was previously majority-controlled by LosAngeles-based investment management company Oaktree CapitalManagement L.P. (A-/Stable/A-2)," S&P said.

"Applying our corporate criteria on parent-subsidiary links, wehave equalized our long-term corporate credit rating on Nordeniawith that on Mondi Group. We see Nordenia as a core subsidiary ofMondi Group that is fully integrated into Mondi Group'soperations, strategy, and management, and we understand thatNordenia will be renamed "Mondi Consumer Packaging InternationalAG."

"Nordenia is also integrated into its parent's liquidity,financing, and risk management policies. Mondi Group has notformally guaranteed the senior unsecured second-priority notes,but Nordenia will now count as a material subsidiary of MondiGroup under the cross-default clauses in Mondi Group's principaldebt facilities," S&P said.

"Our rating on Nordenia also reflects our assessment ofNordenia's business risk profile as 'fair' and its financial riskprofile as 'aggressive,'" S&P said.

The stable outlook on Nordenia mirrors that on Mondi Group.

"It also factors in our assumption that Nordenia will remain akey operating unit of Mondi Group. Any rating action we mighttake on Mondi Group, including an outlook revision, would lead toa simultaneous and identical change on the ratings and outlook onNordenia. We might also consider a negative rating action onNordenia if its core position in Mondi Group weakens," S&P said.

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LET'S DO: Seeks Government Bail-Out; Faces Liquidation------------------------------------------------------Enda Cunningham at the Galway City Tribune reports that theorganisers of the Volvo Ocean Race grand finale in Galway havesought a government bail-out to help pay off the EUR400,000 theyowe to about 60 suppliers.

And Let's Do It Global has said it cannot guarantee all creditorswill be paid, and conceded the company could be threatened withliquidation, the report says.

The Galway City Tribune said around EUR400,000 is owed to between50 and 60 suppliers in amounts ranging from several hundred euroup to around EUR40,000.

The report notes Failte Ireland has already refused a bailout,and a total of up to EUR300,000 is now being sought from theDepartment of Transport and Tourism and Dept of Agriculture, Foodand the Marine.

According to the report, one disgruntled creditor -- Alan Collinsfrom 'Exhibit A Displays' in Tralee -- claims he was told hisinvoice for almost EUR10,000 would "go to the bottom of the pile"after he printed up a 25ft wide trailer sign.

John Killeen, Chairman of Let's Do It Global (LDIG) told theGalway City Tribune, "We owe around EUR400,000 and we are owedEUR170,000 ourselves. We're working hard to balance things, andwe have to collect everything in before we pay out. We can'tgive preferential treatment to any creditors.

"If people come looking for money, demanding it, they may go intocourt and then yes, the company could be liquidated. Our ambitionis to pay all the bills."

According to Bloomberg, a statement e-mailed on Wednesday saidthat the agreement with the creditors' committee to swap existingdebt for new notes and cash didn't include Nomura International.

"The bank will receive considerable debt relief from itscreditors holding senior notes, recovery units and original issuediscount notes and various classes of subordinated debt,"Bloomberg quotes the Almaty-based lender as saying in thestatement. The deal will "help ensure the viability of thebank."

State-run BTA failed to make an interest payment on its July 2018dollar bonds in January and later halted all payments onUS$5.2 billion of its recovery units, which creditors accepted in2010 as part of a restructuring accord, Bloomberg discloses.

Kazakh sovereign-wealth fund Samruk-Kazyna took over BTA inFebruary 2009, two months before the nation's largest lender atthe time defaulted on US$12 billion of debt, Bloomberg recounts.

BTA, which won 92% creditor approval for a restructuring plan inMay 2010, initially sought an agreement on its second debtoverhaul by September, Bloomberg says, citing a presentationpublished on its Web site.

About BTA Bank

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --http://bta.kz/-- is a Kazakhstan-based financial institution, which is involved in the provision of banking and financialproducts for private and corporate clients.

The BTA Group is one of the leading banking groups in theCommonwealth of Independent States and has affiliated banks inRussia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan andTurkey. In addition, the Bank maintains representative offices inRussia, Ukraine, China, the United Arab Emirates and the UnitedKingdom. The Bank has no branch or agency in the United States,and its primary assets in the United States consist of balancesin accounts with correspondent banks in New York City.

As of November 30, 2009, the Bank employed 5,043 people insideand 4 people outside Kazakhstan. It has no employees in theUnited States. Most of the Bank's assets, and nearly all itstangible assets, are located in Kazakhstan.

On March 9, 2010, the Troubled Company Reporter-Europe reportedthat JSC BTA Bank was granted relief in the U.S. under Chapter 15when the bankruptcy judge in New York recognized the Kazakhproceeding as the "foreign main proceeding." Consequently,creditor actions in the U.S. were permanently halted, forcingcreditors to prosecute their claims and receive distributionsin Kazakhstan.

In the U.S., the Foreign Representative is represented by Evan C.Hollander, Esq., Douglas P. Baumstein, Esq., and Richard A.Graham, Esq. at White & Case LLP in New York City.

The Specialized Financial Court of Almaty approved BTA Bank'sdebt restructuring on Aug. 31, 2010, trimming its obligationsfrom US$16.7 billion to US$4.2 billion, and extending its longestmaturity dates to 20 year from eight. Creditors who hold 92percent of BTA's debt approved the restructuring plan in May.BTA reportedly distributed US$945 million in cash to creditorsand new debt securities including US$5.2 billion of recoveryunits (representing an 18.5% equity stake) and US$2.3 billion ofsenior notes on Sept. 1, 2010. BTA forecasts profit of slightlymore than US$100 million in 2011, Chief Executive Officer AnvarSaidenov told reporters in Almaty.

"We assess BSN's financial risk profile as 'highly leveraged'under our criteria. Based on the new capital structure, weestimate that BSN will have a Standard & Poor's-adjusted netdebt-to-EBITDA ratio of about 9.7x by Dec. 31, 2013. Our adjusteddebt estimate includes financial debt of EUR1,131 million; EUR553million in the form of a shareholder loan; and about EUR42million and EUR14 million of obligations under operating leasesand pensions," S&P said.

"Although we view the shareholder loan as debt-like, we recognizeits cash-preserving function. Excluding this debt-likeinstrument, BSN's financial risk profile would still be classedas 'highly leveraged,' with debt to EBITDA of about 6.1x by Dec.31, 2013. However, we estimate that the group should be able togenerate free operating cash flow (FOCF) of at least EUR50million per year and that the embedded cash flow sweep in theproposed debt structure could gradually reduce the amount of debtthat pays interest in cash," S&P said.

"Under our base-case scenario, we estimate BSN will achieveadjusted EBITDA of at least EUR178 million in 2012 and EUR185million in 2013. This will cover annual cash interest payments ofabout EUR75 million to EUR77 million by 2.2x to 2.3x, supportedby positive FOCF," S&P said.

"The stable outlook reflects our view that BSN will sustainpositive underlying revenue growth while at least maintaining itsoperating performance momentum, despite the potentially negativeeffects of governments' public spending cuts to health care.Moreover, maintaining the rating depends on the group upholding afinancial profile commensurate with the rating. We view adjustedEBITDA cash interest coverage of about 2x and positive cash flowgeneration as commensurate with the 'B' rating," S&P said.

"We could take a negative rating action if adjusted EBITDAinterest coverage were to drop below 2x, or if BSN proves unableto generate positive FOCF. This would most likely be caused bydeteriorating operating margins due to an inability to innovateand pass on price increases, or by higher-than-expected increasesin interest rates," S&P said.

"In our opinion, a positive rating action is unlikely over thenext 12-18 months due to BSN's high adjusted leverage. However,we would take a positive rating action should the groupdemonstrate that it can achieve and maintain EBITDA cash interestcoverage of above 3x and generate FOCF above EUR70 million peryear," S&P said.

The B2 CFR reflects CHC's high leverage, a complex portfolio ofaircraft operating lease agreements, a complex corporatestructure and inherent cyclicality in the oil and gas servicessector. The B2 CFR favorably reflects CHC's longstanding customerrelationships and four to five year contracts with highly ratedoil and gas companies in its offshore oil & gas flying business,which comprises about 80% of revenue, and the governmentcontracts in the search and rescue (SAR) and emergency medicalservices businesses. The rating also considers CHC's large fleetof high quality medium and heavy aircraft, its geographicdiversity, and that approximately 68% of CHC's flying revenue isderived from fixed monthly fees.

The Ba2 rated senior secured revolving credit facilities arerated Ba2, three notches higher than the CFR of B2 under Moody'sLoss Given Default (LGD) Methodology. The secured creditfacilities benefit from their prior ranking to the US$1,300million senior secured notes, which are rated at the B2 CorporateFamily Rating.

The SGL-3 rating reflects adequate liquidity. Pro-forma for theUS$200 million October 2012 notes issuance, the company will haveapproximately US$50 million of cash and $300 million available,after US$70 million of letters of credit, under its US$375million revolving credit facility, which matures in October 2015.Moody's estimates that the company will consume negative freecash flow of about US$125 million through mid-2013, which will befunded with revolver drawings and the proceeds of aircraftdisposals. The revolver has one financial covenant (maximum supersenior debt/EBITDA of 2.5x), with which the company should becomfortably in compliance through mid-2013. However, the companyhas restrictive covenants on its aircraft leases, with whichMoody's also expects compliance through mid-2013, but at muchnarrower margins than on the sole financial covenant. CHC'sliquidity is enhanced by its ability to sell certain aircraft forvalue in excess of the lease buyout payments as the leases forthese aircraft expire.

The stable outlook reflects CHC's longstanding customerrelationships and four to five year contracts with highly ratedoil and gas companies, and leadership position in the helicoptertransportation industry. A rating upgrade would be dependent onleverage trending toward the 5.5x range and a forward view of twoto three years of stability in the company's lease portfolio. Therating could be downgraded if leverage appears to be headed above7x or if the company again finds itself requiring multiplecovenant amendments and waivers, or if liquidity is strained.

The principal methodology used in rating CHC was the GlobalOilfield Services Industry Rating Methodology published inDecember 2009. Other methodologies used include Loss GivenDefault for Speculative-Grade Non-Financial Companies in theU.S., Canada and EMEA published in June 2009.

CHC, headquartered in Vancouver, British Columbia, is asignificant provider of helicopter services to the globaloffshore exploration and production industry with operations inapproximately 30 countries.

The expected ratings are based on Fitch's assessment of theunderlying collateral, available credit enhancement, theorigination and underwriting procedures used by the seller andthe servicer and the transaction's sound legal structure. Finalratings are subject to receipt of final documents conforming toinformation already received.

This transaction is a true sale securitization of Dutchresidential mortgage loans, originated and sold by Obvion N.V.(not rated). Since 10 May 2012, Obvion has been 100% owned byRabobank Group ('AA'/Stable/'F1+') and has an established trackrecord as a mortgage lender and issuer of securitizations in theNetherlands. This is the 22nd transaction issued under the STORMseries since 2003.

Credit enhancement for the class A notes is 6.0%, which isprovided by subordination and a non-amortizing reserve fund equalto 1.0% at closing. The transaction benefits from an amortizingliquidity facility of 2.0% at closing, a build-up of the reservefund to 1.3% and an interest rate swap providing an excess marginof 50 basis points.

The transaction is backed by a 3.5 year seasoned non-revolvingportfolio consisting of prime residential mortgage loans with aweighted-average (WA) original loan-to-market-value of 86.1% anda WA debt-to-income ratio of 30.6%, both of which are typical forFitch-rated Dutch RMBS transactions. The provisional poolcomposition is similar to the previous STORM transactions. Thepurchase of further advances into the pool is allowed afterclosing subject to stringent conditions.

Both the STORM series and Obvion's loan book have shown stableperformance in terms of arrears and losses. The 90+ days arrearsof the previous Fitch-rated transactions have been mostly lowerthan the Dutch Index throughout the life of the deals.

Rabobank fulfils a number of roles, including collection accountprovider, guaranteed investment contract provider, liquidityfacility provider and commingling guarantor and therefore thistransaction relies strongly on the creditworthiness of Rabobank.In addition, Rabobank acts as back-up swap counterparty throughits London branch. Fitch considers that the swap provides acertain degree of liquidity and credit support in thistransaction and the replacement of the swap would likely be at ahigh cost, due to the nature of the swap structure, which in turnmay affect the interest waterfall.

Although the notification trigger is set below the 'A' level, theagency did not consider the risk of a loss of funds due tocommingling or disruption of payments in the cash flow analysis,as Fitch considers that this risk is mitigated by means of acommingling guarantee provided by Rabobank. In addition, thetransaction is not exposed to the risk of deposit set-off orother claims.

Fitch judges further set-off risks in this transaction to beminimal due to the structural mitigants in place in relation toconstruction deposit, savings and investment set-off as well asthe limited proportion of insurance loans included in theprovisional portfolio. For the 6.5% insurance loans included inthe provisional pool Fitch incorporated in its analysis the riskthat borrowers might exercise set-off following the failure ofinsurance providers.

Obvion provided Fitch with loan-by-loan information on theprovisional portfolio as of 31 August 2012. All of the datafields included in the pool cut were of good quality and Obvionprovided additional information for mortgage loans based on theincome of two borrowers. Fitch reviewed an Agreed UponProcedures report regarding the data provided by the arranger.The agency believes the sample size, the relevance of the testedfields, and the limited number of material error findingssuggests the originator provided an acceptable quality of data.In addition, Fitch relied on its own file review undertaken for aprior transaction (STORM 2012-IV) on 25 July 2012, whichconsisted of 15 loans selected from the provisional transactionportfolio. This was considered a very good proxy for STORM 2012-V, given the similar asset characteristics and recent timing. Theagency discovered no errors or unexpected results.

Fitch relied on repossession data that represented loansforeclosed between 2004 and 2010. Further foreclosure data wasalso provided up to 2012, although the omission of originalvaluation information reduced the usefulness of this data set.Based on the repossession data analysis, the performance was inline with Fitch's assumptions; therefore, Fitch did not adjustits QSA, market value decline or foreclosure timing assumptions.

To analyze the CE levels, Fitch evaluated the collateral usingits default model, details of which can be found in the reportsentitled "EMEA Residential Mortgage Loss Criteria", dated 7 June2012, "EMEA RMBS Criteria Addendum -- Netherlands", dated 14 June2012, available at www.fitchratings.com. The agency assessed thetransaction cash flows using default and loss severityassumptions under various structural stresses includingprepayment speeds and interest rate scenarios. The cash flowtests showed that each class of notes could withstand loan lossesat a level corresponding to the related stress scenario withoutincurring any principal loss or interest shortfall and can retireprincipal by the legal final maturity.

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PNI: Seeks Restructuring Loan with ARP--------------------------------------Polska Agencja Prasowa reports that PNI, Budimex's insolvent railinfrastructure unit, filed a motion for a restructuring loan withthe state agency ARP, which is also considered as a potentialinvestor for the unit.

"To me, the ARP would be a perfect investor but I don't know ifthere is such a possibility," PAP quotes Budimex CEO DariuszBlocher as saying, adding that the amount sought wasinsignificant. "We could look for an investor for all or a partof PNI shares."

"For now there haven't been any real proposals from the market."

Budimex is considering various options for PNI, such as selling apartial or the entire stake to the ARP or to a sector investor,PAP notes.

According to PAP, a potential sale of PNI would require approvalfrom PNI's previous owner, state railways PKP PLK.

"If we were to let an investor in the company, it seems to methat such an approval from the seller would be secured,"Mr. Blocher, as cited by PAP, said, adding that any decisionswill be made only after PNI arrives at an agreement with itscreditors.

In late August, the unit filed for bankruptcy protection for debtrestructuring, PAP recounts.

HIDROELECTRICA SA: Government Mulls IPO After Insolvency Exit-------------------------------------------------------------Florentina Dragu at Ziarul Financiar reports that Romania'sgovernment plans to launch an initial public offering for a 10%stake in state-run hydropower producer Hidrolectrica within fourmonths after the company exits insolvency.

As reported by the Troubled Company Reporter-Europe on June 22,2012, Bloomberg News related that a Romanian court approved theinsolvency of Hidroelectica as the company looks to reorganizeitself.

According to Bloomberg, a court official said that Alteco Gestion& Promocio de Marcas SL, owned by former Gecina Chairman andChief Executive Officer Joaquin Rivero, sought protection fromcreditors on Sept. 25 and the case will be heard by a Madridmercantile court. The official, as cited by Bloomberg, said thata petition filed the same day by MAG Import SL, owned by VictoriaSoler and her husband, will be overseen by a separate mercantilecourt in the Spanish capital.

Mr. Rivero and the Soler family are two of Gecina's three largestshareholders, with a 16% stake and a 15% stake in the Paris-basedcompany, respectively, Bloomberg discloses. They confirmed thefilings in an e-mailed statement on Wednesday, adding that it wasthe result of differences with their banks, Bloomberg notes.

Mr. Rivero and the Soler family said in the statement that theshares were collateral for EUR2.16 billion (US$2.8 billion) ofloans provided by about a dozen European banks, 25% of which havebeen paid back, Bloomberg relates.

"The rating actions follow the amendments to the transactionaccount and swap agreements, which now reflect our 2012counterparty criteria," S&P said.

"On March 29, 2012, we lowered and kept on CreditWatch negativeour rating on the class A notes to the same level as our then 'A-' long-term issuer credit rating (ICR) on Confederacion Espanolade Cajas de Ahorros' (CECA; BBB-/Stable/A-3), the transactionaccount provider and swap counterparty. The downgrade was due tothe breach of remedy action triggers in both the transactionaccount and swap agreements," S&P said.

"In our March 2012 review, given the lack of remedy action byCECA as the transaction account provider and swap counterparty,we considered in our analysis that there was no replacementframework in place -- in accordance with our (superseded) 2010counterparty criteria. As a result, the maximum rating that thenotes in this transaction could achieve was equal to our long-term ICR on CECA, which was on CreditWatch negative at the time,"S&P said.

"At the same time, BBVA amended the transaction accountagreements, which now reflects our 2012 counterparty criteria. Asa result, our ICR on the transaction account provider no longerconstrains our ratings in this transaction," S&P said.

"On Sept. 26, 2012, CECA also amended the downgrade language inthe swap agreements, which now reflect our 2012 counterpartycriteria. However, because CECA (as swap counterparty) has notposted collateral, under our 2012 counterparty criteria, themaximum rating that the notes in this transaction could achieveis equal to our long-term ICR on the swap counterparty. Thereforewe have conducted our cash flow analysis assuming that thetransaction does not benefit from any support under the swapagreement," S&P said.

"Based on the latest available trustee investor report (dated May2012), the proportion of the underlying collateral in 90+ dayarrears out of the outstanding pool balance is low at 1.48%,while defaults are at 0.92%. Based on the May 2012 trusteeinvestor report, the ratio of cumulative defaults (defined inthis transaction as loans delinquent for more than 18 months)over the original loan balance was 1.05%, compared with 0.36% inQ4 2010 (which was the most recent information we held when wefirst rated the transaction), and therefore well below the firsttrigger level of 5.00% for the class D notes," S&P said.

"A cash reserve provides credit enhancement for the class Anotes. As the balance of the class A notes decreases throughsequential amortization, subordinated tranches increasinglysupport the class A, B, and C notes. Additionally, when we firstrated this transaction on Feb. 3, 2011, the issuer had partiallydrawn on the reserve fund to cover collateral loans that haddefaulted since closing in March 2008. Since the May 2011interest payment date, the reserve fund has been partiallyreplenished and is at 95.73% of the level required by thetransaction documents," S&P said.

"Even without the benefit of the swap, the class A notes canachieve a 'A- (sf)' rating under our 2012 counterparty criteriabecause of the high seasoning of the collateral in thistransaction and the increased level of credit enhancementavailable to these notes. Therefore, we have affirmed andremoved from CreditWatch negative our 'A- (sf)' rating on theclass A notes," S&P said.

"Our credit and cash flow analysis indicates that the level ofcredit enhancement available to the class C notes is nowcommensurate with a higher rating than currently assigned. Wehave therefore raised to s'B (sf)' from 'CCC+ (sf)' our rating onthe class C notes for performance reasons. In our opinion, thelevel of credit enhancement available to the class B and D notesis commensurate with the current ratings on these notes. We havetherefore affirmed our 'BB (sf)' rating on the class B notes andour 'CCC (sf)' rating on the class D notes," S&P said.

"Caja Circulo I is a Spanish residential mortgage-backedsecurities (RMBS) transaction that closed in March 2008, which wefirst rated in February 2011. Caja de Ahorros y Monte de Piedaddel Círculo Católico de Obreros de Burgos (Caja Círculo)originated the underlying loans secured by Spanish mortgages.More than 74% of the mortgages are concentrated in the Castilla-Leon region," S&P said.

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying acredit rating relating to an asset-backed security as defined inthe Rule, to include a description of the representations,warranties and enforcement mechanisms available to investors anda description of how they differ from the representations,warranties and enforcement mechanisms in issuances of similarsecurities. The Rule applies to in-scope securities initiallyrated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reportincluded in this credit rating report is available at:

SAAB AUTOMOBILE: Spyker to Dispute GM's Dismissal of Claim----------------------------------------------------------Christina Zander at Dow Jones Newswires reports that Dutchsports-car maker and former owner of bankrupt Swedish brand SaabAutomobile AB, Spyker N.V., said Monday it will oppose GeneralMotors Co.'s dismissal of a lawsuit in which Spyker is seekingUS$3 billion in damages claiming the US automaker deliberatelycaused Saab Automobile to go bankrupt.

Dow Jones relates that Spyker said it and Saab Automobile ABshall oppose GM's dismissal of their claim on Nov. 9, 2012,assuming the court grants an extension to which GM has agreed.

Spyker and Saab Automobile AB filed a complaint on Aug. 6 withthe U.S. District Court for the Eastern District of Michigan,seeking redress for GM's "tortuous interference" with atransaction between Saab Automobile AB, Spyker and Chineseinvestor Youngman, Dow Jones relates.

GM argues, according to Spyker, that under Swedish law, whichaccording to GM should apply, there is no cause for action for a"purely financial loss due to tortuous interference, absent anallegation of criminal conduct," Dow Jones cites. Spyker, asnoted by Dow Jones, said GM also argues that the complaint shouldalso fail if New York law or Michigan law is applied.

Dow Jones adds that GM argues that under the Vehicle SupplyAgreement, VSA, and the Automotive Technology License Agreement,ATLA, it had a contractual right to terminate the VSA and ATLA incase of a change of control in Saab and that after its investmentYoungman would have controlled more than 20% of Saab, which wouldhave caused a "change of control."

DHILLON GROUP: Four Hotels Falls Into Administration----------------------------------------------------Janet Harmer at Caterer and Hotelkeeper reports that the CrownInn in Amersham, Buckinghamshire, has gone into administration.

The hotel is one of four properties, previously operated by theDhillon Group, which have now been taken over by administratorsBDO, according to Caterer and Hotelkeeper. Alongside the CrownInn, a Grade II-listed property dating back to the 16th century,they include the 32-bedroom Liongate hotel in Kingston-upon-Thames, the 48-bedroom Olde Bell in Hurley-on-Thames and the 200-bedroom Paragon hotel in Birmingham, the report notes.

The report says that all staff are to be retained by the fourhotels, which will continue to operate while their future isconsidered.

"Unfortunately, the economic climate and difficult tradingconditions have adversely affected these hotels . . . . It isbusiness as usual for the Liongate, Crown Inn, the Olde Bell andthe Paragon - all room and venue bookings will carry on asplanned. Customers seeking further information should contact thehotel managers with any queries," the report quoted SarahRayment, BDO business restructuring partner, as saying.

The report says that a former sister hotel of the four properties-- the 40-bedroom Stoke Place hotel in Stoke Poges -- isunaffected by the administration and continues to be operated bythe founders of the Dhillon Group, Tej and Sarina Dhillon.

HARDMAN ISHERWOOD: Goes Into Administration With HI Group----------------------------------------------------------DIY Week reports that Hardman Isherwood has gone intoadministration, along with its parent HI Group and a number ofthe group's other subsidiaries.

Tough market and resulting problems with cash flow have beenblamed on the failure of the group and its eight companies,according to DIY Week.

The report notes that sales at the company fell from almostGBP33 million in 2008/09 to GBP25.9 million in 2010/11.

The report discloses that Hi-Way Express Home Delivery has beensold to Pacifica Group, an electrical repair, warranty andservicing company based in the north east.

"In recent years, the group has suffered from challenging marketconditions which has seriously impacted the group's white goodsbusiness. As a result, turnover has declined, resulting insevere cash flow difficulties," the report quoted Sam Woodward,joint administrator from Ernst & Young LLP, as saying.

The report discloses that Ernst & Young has made 109 redundanciesas a result of the administration, and is now seeking offers forthe remaining parts of the group.

Hardman Isherwood distributes electrical products across the UK.Based in Normanton, West Yorkshire, HI Group is a family businessset up over 35 years ago which primarily imports and distributeselectrical consumer products - mainly white goods - to the retailmarket.

HILL INSURANCE: Put Into Liquidation------------------------------------Insurance Times reports that Hill Insurance Company is inliquidation, the second insurer to collapse in just a few weeksin Gibraltar.

Court documents for the winding-up of the company, obtained byInsurance Times, reveal the bonds it used as shareholders' equitywere either "non-existent or did not belong to the company".

Insurance Times notes that Hill's Web site said it had been thevictim of "serious external fraud".

Hill Insurance, which underwrote aviation and surety bonds, has alicense to operate in Italy, Bulgaria and the UK, Insurance Timesdiscloses.

Hill Insurance, as cited by Insurance Times, said it was workingwith the Gibraltar Financial Services Commission to establish thefacts of the case and was co-operating with the relevantauthorities.

Hill Insurance was put into liquidation by the Supreme Court ofGibraltar last month and Deloitte was appointed as provisionalliquidator, Insurance Times recounts.

LEMMA EUROPE: High Court Appoints Provisional Liquidator--------------------------------------------------------Dominique Searle at Gibraltar Chronicle reports that Lemma EuropeInsurance Company Ltd has been handed to a provisionalliquidator, GrantThornton, after the Supreme Court of Gibraltarfound it to be bankrupt. The judge said she was sensitive to theinterests of the policyholders and Gibraltar's reputation as afinance centre.

The Chronicle says the Gibraltar Financial Services Commissionwhich made the uncontested application for winding up revealed incourt that it has sent Sergei Chernyshov, Lemma Europe's ownersole director, a preliminary note to the effect that it isconsidering declaring him unfit and not proper person to own ordirect companies. This said lawyer Peter Caruana QC was beingdone on the grounds of "honesty and integrity". That isunderstood to mainly relate to the alleged failure of parentcompany Lemma Ukraine, also owned by Mr Chernyshov, to honourreinsurance payments to Lemma Europe.

Mr. Chernyshov, who had a watching brief in court, has 30 days tocontest that, the Chronicle notes.

The company was being put into liquidation and they were beingmade redundant on the spot, according to Swindon Advertiser.

Swindon Advertiser notes that the enterprise, set up for youngpeople out of work, training or education, failed to pay staffwith some having gone two months without wages.

The report says that managers at the company, in the HawksworthIndustrial Estate, have also not been paid.

The firm's MD, James Jennings, has blamed a customer of Northwoodfor triggering its downfall by defaulting on payments, the reportnotes.

PIPE HOLDINGS: Moody's Affirms 'B2' Corp. Family Rating-------------------------------------------------------Moody's Investors Service has affirmed Pipe Holdings 2 Ltd's B2corporate family rating (CFR) as well as the B3 rating on theGBP150 million senior secured notes issued by Pipe Holdings plc.Concurrently, Moody's has changed the outlook on Polypipe'sratings to stable from positive.

Ratings Rationale

Polypipe's B2 CFR continues to reflect (1) the company's leadingmarket position in the U.K.; (2) its exposure to the more stablerepair, maintenance and improvement (RMI) sub-sector; and (3) itslong-dated debt maturity profile, removing immediate refinancingrisk.

However, Polypipe's rating remains constrained by (1) thecompany's small scale in a competitive market; (2) the ongoingcyclicality in its end markets; (3) the company's lack ofsegmental and geographic diversification as it derives most ofits revenues from plastic pipe systems in the U.K.; and (4) itsexposure to volatile raw material costs.

"The stabilization of the outlook reflects Moody's belief thatPolypipe could be challenged to repeat its strong first half 2012performance", says Margaux Pery, analyst at Moody's. Therefore,an upgrade of Polypipe's ratings has become unlikely in the shortterm.

Polypipe's EBITDA margin increased to 16.7% in the first half of2012, up from 13.0% in H1 2011. However, the higher operatingmargin has been achieved mainly through selling price increasescatching up raw material cost inflation from the previous year.The rating agency cautions that Polypipe may be challenged topass on additional prices increases in the near term given thatprevious polymer cost increases have already been recovered andgiven the time lag in implementing price increases. In addition,as the outlook on the U.K. construction market remains dull,Moody's expects that the company will continue to face subduedsales volumes especially in its commercial and infrastructuredivision which is less exposed to the more stable RMI sub-sector.Therefore, Moody's believes that Polypipe could be challenged in2013 to maintain its operating performance at the same level asin the first half of 2012.

Moody's deems Polypipe's liquidity as adequate. As of end ofJune 2012, Polypipe had access to around GBP29 million of cash onbalance sheet and GBP30 million under its revolving creditfacility (RCF) which remains undrawn. In addition, the companyhas a long-dated debt maturity profile with no debt maturingbefore 2015.

Pipe Holdings 2 Ltd is a U.K. manufacturer of plastic pipingsystems for the construction sector. It reported sales of aroundGBP286 million and EBITDA of around GBP40.2 million in the fiscalyear ended December 2011.

ROYAL BRITISH: Goes Into Liquidation------------------------------------The Reading Chronicle reports that cash-strapped Royal BritishLegion Club has closed its doors for the last time and has goneinto liquidation.

But the closure does not affect the operations of the Legion'sShinfield and District branch, which will maintain its commitmentto the Poppy Appeal, the Remembrance Day parade and service atthe village War Memorial and the welfare of ex-servicemen andtheir dependants living in the area, according to the report.

The Reading Chronicle says the club leased its home inShinfield's School Green from the Royal British Legion for 40years but a steady drop in income has forced the closure, andwith it the loss of four part-time staff jobs.

"At one time the club had over 500 members, but this has fallento around 400. It is difficult to attract new members, thesmoking ban has hit clubs like this particularly hard and theincreased duty on beer and spirits mean that our bar prices areno longer competitive," the report quotes club secretary DuncanMcLellan as saying.

"We held a meeting of the members on August 21 and whilst therewas some talk of a rescue package, the debts we are now carryingand our level of income mean that the club is simply no longerviable."

The Reading Chronicle quotes proposed liquidator David Tann, fromReading firm Wilkins Kennedy, as saying that: "It is a verydifficult market for this sort of organisation which reliesheavily on the hard work and generosity of a few individuals.Sadly the numbers just do not add up any more."

"The furniture and fittings within the premises will be sold offand I would be very keen to hear from other clubs in the areawhich may be looking to upgrade their premises."

The Royal British Legion Club provides financial, social andemotional support to those who have served or who are currentlyserving in the British Armed Forces, and their dependants.

SPECTRUM SOCIAL: KMPG Appointed as Provisional Liquidator---------------------------------------------------------Motherwell Times reports that Blair Nimmo of KPMG LLP has beenappointed provisional liquidator of Spectrum Social NetworkLimited.

The company, which traded as Spectrum Personnel, was formed in2000 and was engaged in the recruitment and supply of temporaryand contract workers, primarily, to the engineering and logisticssectors.

At the time of the appointment, Motherwell Times notes, SpectrumPersonnel employed approximately 200 people, comprised of 30direct employees and 170 contractors, out of its two offices inMerry Street, Motherwell, and Gateshead.

On the appointment of the Provisional Liquidator, the companyceased trading with all 200 employees being made redundant,according to Motherwell Times.

"Unfortunately, due to those conditions it is no longer viable totrade the business as a going concern and all 200 staff have beenmade redundant with immediate effect."

WAVERLEYTBS: In Administration, 830 Jobs at Risk------------------------------------------------Rupert Millar at the drinks business reports that WaverleyTBS isgoing into administration.

"The business advisory firm have been appointed jointadministrators to WaverleyTBS Limited, one of the country'slargest wholesalers and distributors of alcoholic and softdrinks," Daniel Butters and William Dawson, partners atadministrators, Deloitte, confirmed in a statement obtained bythe news agency.

A total of 830 jobs will be lost if Deloitte fails to find abuyer for the business, the report notes.

The drinks business says that it was reported earlier thatcustomers in some parts of the country, notably Scotland, wouldnot be receiving their deliveries as HMRC had halted any stockleaving bonded warehouses.

WaverleyTBS is a UK drinks distributor, WaverleyTBS.

===============X X X X X X X X===============

* Moody's Says Outlook for EMEA PPP/PFI Sector Negative-------------------------------------------------------While the outlook for the PPP/PFI sector in Europe, Middle East &Africa (EMEA) is negative, primarily driven by the reduction incredit quality of sovereign and financial project counterparties,Moody's stable outlook for its portfolio of rated PFI/PPPprojects reflects the higher resilience of these credits todeclining counterparty risk compared with the overall sector,says the rating agency in an Industry Outlook report published onOct. 2.

"While the credit quality of the industry remains robust, itsfundamental credit conditions are likely to be negative in thenext 12-18 months," says Declan O'Brien, Moody's Analyst andauthor of the report. "Approximately 29% of projects financed inthe industry are based in the euro area periphery, where allcountries have either a negative outlook or are on review fordowngrade."

However, Moody's portfolio of rated PFI/PPP projects ispredominately UK based and contains only projects that havesuccessfully tapped the investment-grade bond market --therefore, these credits are on average of a higher quality thanthe sector at large.

"The stable outlook for our portfolio, which is a limiteduniverse across the broader sector, reflects its disproportionatelevel of exposure to the UK, and its limited exposure tocounterparty risk," explains Mr. O'Brien. "Although our portfoliois more exposed to changes to the UK PFI framework, such as theNHS reorganization currently under way, we believe that theserisks are sufficiently mitigated and that a stable outlook forthe portfolio is appropriate."

Approximately 29% of projects financed in the industry are basedin the euro area periphery, where all countries have either anegative outlook or are on review for downgrade. In Moody'sportfolio, only four projects are exposed to euro area peripherycountries; these projects account for approximately 4% of totaldebt issued in the rating agency's portfolio.

Moody's notes that the funding dynamics in the industry areshifting. Basel III, amongst other factors, continues to affectthe ability and willingness of banks to fund projects throughlong-term loans. This has resulted in a range of government andbank-led credit enhancing initiatives that have been structuredto increase institutional investors' participation in the sector.

Monday's edition of the TCR delivers a list of indicative pricesfor bond issues that reportedly trade well below par. Prices areobtained by TCR editors from a variety of outside sources duringthe prior week we think are reliable. Those sources may not,however, be complete or accurate. The Monday Bond Pricing tableis compiled on the Friday prior to publication. Prices reportedare not intended to reflect actual trades. Prices for actualtrades are probably different. Our objective is to shareinformation, not make markets in publicly traded securities.Nothing in the TCR constitutes an offer or solicitation to buy orsell any security of any kind. It is likely that some entityaffiliated with a TCR editor holds some position in the issuers'public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies withinsolvent balance sheets whose shares trade higher than US$3 pershare in public markets. At first glance, this list may looklike the definitive compilation of stocks that are ideal to sellshort. Don't be fooled. Assets, for example, reported athistorical cost net of depreciation may understate the true valueof a firm's assets. A company may establish reserves on itsbalance sheet for liabilities that may never materialize. Theprices at which equity securities trade in public market aredetermined by more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in eachThursday's edition of the TCR. Submissions about insolvency-related conferences are encouraged. Send announcements toconferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a bookof interest to troubled company professionals. All titles areavailable at your local bookstore or through Amazon.com. Go tohttp://www.bankrupt.com/booksto order any title today.

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Information contained herein is obtained from sources believed tobe reliable, but is not guaranteed.

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